Total assets witnessed a decrease of 4.1 per cent from $298 million to $286 million.

Shareholders' equity increased by 1.9 per cent during the same period.

'Looking forward, though difficult in such a challenging environment, we believe that the market has witnessed a large correction especially for the GCC capital markets where most of the adverse market condition has been priced in,' he added.

'This year may continue to carry opportunities to cautious investors and positive growth may be obtained if volatility levels are taken into account.

'Many indicators are currently attesting to a positive outlook for GCC. For example, oil prices continue its upward trend to around $75-$85 per barrel, significantly above the average price anticipated by many GCC fiscal budgets for 2010,' he said.

'Given our strong shareholder support, track record and experienced team, we believe that we are well prepared for the remainder of a challenging year,' he added.-TradeArabia News Service